Marketing Theory and Strategy

Marketing is one of the most essential components of business. Without marketing, no business can survive long. Marketing is the practice by which organizations channel their resources to advertise and sell their products or services to customers. Marketing is a word that is used frequently in many business documents. Marketing is used to refer to the entire process by which an organization undertakes with its target audience to build enduring, tangible relationships so as to acquire value in exchange for money.

Defining Marketing And Its Concepts

Marketing refers to a number of practices aimed at improving the quantity and quality of sales. The three marketing concepts that are prominent in marketing management are social marketing, commercial marketing and non-strategic marketing. Social marketing refers to practices such as public relations, advertising, and PR activities directed at building relationships with potential customers. Commercial marketing is aimed at selling a product or service directly to customers. Non-strategic marketing, on the other hand, is aimed at gathering new customers.

Uniform Marketing Concepts

The common mistake made by many organizations wishing to implement a comprehensive marketing program is to apply the marketing concept uniformly to all their programs. For example, a business that is selling hot tubs (such as hottubsspa) shouldn’t focus solely on the elderly as their target market because many more people use hot tubs and not just seniors. Uniformly applying marketing concepts leads to the danger of marketing myopia, or focusing only on a small segment of a given market, ignoring the need of others. For instance, if a company wishes to develop and distribute a computer software product, then it should consider how to reach out to the largest possible segment of users, not just the biggest, or the most expensive. A similar strategy should be applied when handling product concept marketing initiatives.

Marketing concept failure can result from a failure to identify the consumers’ buying needs, desires, and preferences. Marketers therefore must conduct comprehensive marketing research in order to construct and support a comprehensive concept that will address these issues. One technique for conducting market research is to carry out consumer interviews. Consumer interviews, also referred to as consumer-driven market research, is a technique where marketers ask hundreds of people from all walks of life (including business managers, professionals, students, etc) for their opinions regarding a given issue. The interviews allow marketers to gain an understanding of consumer thought processes and motivations, thus giving them the insight they need to design a marketing concept that addresses the unique needs of the target market.

Using Elimination For Marketing Research

Another technique for conducting marketing research is through the process of elimination. In other words, marketers ask one group of people about one issue, and another set of people about another issue. Following any given issue, marketers might find two or three areas that seem to be contradictory to one another. They might then use these findings as the basis for designing an appropriate marketing concept. By combining different forms of selling approaches, marketers hope to increase their overall profit margin.

Developing A Coordinated Marketing Effort Requires That All Elements Of A Concept Be In Place

Each component should serve to address customers needs, create awareness, build loyalty, and drive sales. Marketing concepts must also be flexible enough to accommodate changing consumer preferences, tastes, and preferences. A concept that only addresses one aspect, for example, might not be very practical if attitudes towards some issues change. This means that the marketing concept being developed should be flexible enough to recognize changing consumer attitudes and make adjustments to the marketing plan as these attitudes change. The development of a coordinated marketing plan is therefore very important.

The final step in developing a marketing concept is to test the concept with actual customers. Customers who are part of the development process can provide valuable feedback. This helps in ensuring that the marketing concept addresses specific needs, which improves the chances that it will meet customer needs. The success of the marketing concept therefore largely depends on the level of interaction that takes place between the stakeholders and the developers during the development process. Interaction can include formal marketing management meetings and informal discussion boards among the development team and its counterparts.

Marketing theories, strategies, and practices can be very complex and many competing theories exist. Marketers therefore need to pay special attention to the various approaches to marketing. Different marketing approaches have different impacts on consumers, which have a major influence on market share. It is important for marketers to realize that marketing management encompasses many disciplines and the interdependence among them is therefore crucial for a successful marketing strategy.

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